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voda 14 juli 2017 12:45

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Champion Iron secure funds to restart Bloom Lake Iron Ore Mine

Champion Iron Limited announced that they secured debt financing conditional commitments of USD180 million for its subsidiary Quebec Iron Ore Inc from la Caisse de depot et placement du Quebec and Sprott Resource Lending. This financing is part of the restart of Bloom Lake Iron Ore Mine's operations, located near Fermont, Quebec.

With the completion and filing of the Bloom Lake Feasibility Study earlier this year, demonstrating that mining operations at Bloom Lake are financially viable, Champion has focused on securing the financing required for the iron ore mine's restart, potentially as early as Q1 2018. Following the completion of the CAD40 million bridge financing announced in May, which included a CAD20 million loan from Sojitz Corporation, QIO and Champion announces it has obtained further debt financing conditional commitments for up to USD180 million to partially fund the costs of resuming the operations at Bloom Lake.

Champion and QIO Chairman and CEO, Michael O'Keeffe, stated "We recognize and greatly appreciate the confidence and support shown by Caisse and Sprott in providing a key element of the required financing to restart Bloom Lake. We are pleased to be working with the teams at both Caisse and Sprott and look forward to bringing Bloom Lake back into production, which would benefit not just Champion, QIO and its shareholder and investor base, but also the many local and regional interests as we establish ourselves as a significant player in the Labrador Trough."

Source : Strategic Research Institute

voda 14 juli 2017 12:46

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Karara iron ore mine directors again cast doubt over embattled project's future

ABC reported that the directors of an embattled magnetite producer in rural Western Australia have again cast doubt over the future of the 1,000-strong workforce project as it reels from an almost half-a-billion dollar loss. In financial statements filed to the Australian Securities and Investments Commission, Karara Mining Limited's directors have indicated the company would not be able to fund the projected losses for 2017 and 2018, nor deliver the more than AUD 1.2 billion due for repayment this year.

According to the financial statements Karara, which mines near Perenjori about 200 kilometres east of Geraldton, has three short term loans due over the year. This includes AUD553 million China Development Bank and Bank of China facility and AUD 180 million facility with Bank of China's Perth arm due in August, as well as AUD 415 million China Merchants Bank loan which was due in April. In addition, the company also has to fulfil AUD 261 million worth of prepaid sales agreements for magnetite concentrate to Ansteel. Those agreements are due for delivery or cash settlement during 2017.

To add to the woes, the company has also reported a more than AUD 400 million dollar operating deficit for the year. It is the second year in a row of significant losses for the company, majority owned by Chinese steelmaker Ansteel.

Last year, Karara reported an after tax loss of $1.7 billion and while that loss was dominated by a $1.2 billion impairment to the value of its assets, core mining operations still had a more than $300 million operating deficit for the year.

Source : ABC

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voda 14 juli 2017 12:47

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State to request CEC to raise cap on iron ore mining

DH News Service reported that state government has decided to request the Supreme Court appointed Central Empowered Committee to raise the iron ore mining cap in the state from 30 million tonnes to between 50 million tonne and 54 million tonne.

Speaking after a meeting with Chief Minister Siddaramaiah, Minister for Mines and Geology Vinay Kulkarni said steel industries in the state have also requested for an increase in the cap. He said that “JSW Steel alone has placed a request for 20-22 million tonnes of iron ore. By the year 2020, there will be a demand for anywhere around 54 million tonnes of iron ore.”

Sources in the chief minister's office said Siddaramaiah has asked officials to submit a plan of action before submitting a request for increasing the cap. Sources also said that it was also decided to revive the non-functional special purpose vehicle for mining in the state.

Source : Deccan Herald

voda 14 juli 2017 12:50

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Redefining Indian Sustainable Smart Cities – Usage of stainless steel required

Eminent architects and experts attending a seminar on “Redefining Indian Sustainable Smart Cities’ organised in capital on Wednesday evening stressed on need of larger role of architects in the smart city projects in the country as they being creative and visionary can help solve every day issues to come up in the future cities. Mr Biswaranjan Nayak, President of Council of Architecture, while inaugurating the seminar organised by Outokumpu India, a Finland based Stainless steel major, said “No smart city will work with the way it is moving since the smart cities projects do not involve architects at present. We have engineers and digital support but architects are missing from the smart city projects coming up in the country, which is a matter of major concern.”

Source : Strategic Research Institute

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voda 14 juli 2017 12:51

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ChTPZ Group shipped first batch of pipes for Nord Stream-2

The ChTPZ Group shipped the first 1,980 tons of large diameter pipes with a concrete covering for the construction of the Nord Stream-2 gas pipeline. The party consisted of pipes with a diameter of 1153 mm with a wall thickness of 30.9 mm, produced in the workshop "Height 239" of the Chelyabinsk Tube Rolling Plant. The external concrete coating on LDP is applied by the company "Pipeline coatings and technologies".

Source : Strategic Research Institute

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voda 14 juli 2017 12:54

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Indian steel companies may see drop in Q1 numbers - Kotak Institutional Equities

Brokerage firm Kotak Institutional Equities said that Indian steel companies will witness a sequential decline in first quarter earnings on use of high cost coal inventory, besides other factors. It said in a report "Domestic metal names will report sequential decline in earnings led by lower prices, increased input costs and lower volumes (a few cases of outages). We expect earnings of steel companies to decline sequentially due to lower steel realisation...and use of high cost coal inventory.”

It added "Our channel checks also indicate that uncertainty over GST implementation led to weak sales in June 2017. Given the subdued domestic demand, export sales increased to 1.4 million tonnes for April–May, thereby aiding six percent growth in production for domestic steelmakers.”

Howevre it added "We expect earnings to improve beyond first quarter past one-off factors (high cost inventories, outages) and on higher prices.”

Source : PTI

voda 14 juli 2017 12:56

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Mr Ron Paul calls US steel import tariff plan immoral

Former presidential candidate Dr Ron Paul on the European Union possibly tariffing US bourbon if President Trump puts an import tariff on foreign steel. Former Congressman Ron Paul (R-Texas) said President Trump’s proposed import tariff on foreign steel is simply “immoral”. He said that “It should be immoral to prohibit people from buying stuff where they want to. In a free society, you’re supposed to protect that not interfere with that.”

He said that “There’s a downside, there [are] repercussions from [imposing tariffs] and they retaliate and put taxes and prohibitions on our products, which is what they’re hinting at right now.”

However Mr Paul believes the solution does not need to come from managed trade agreements. He said that “The bilateral agreements make more sense…if we would have an agreement on lumbers, say with Canada, and nobody else is interfering, it should be worked out and maybe there would be a time where you really would have free trade across the borders that touch your country.”

Source : Fox Business

voda 14 juli 2017 14:51

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Port Tampa Bay sees new growth in steel business with Steelco arrival

Tampa Bay Times reported that Last month, Port Tampa Bay's board of directors approved a 25-year lease with a South Florida company called Steelco Florida for a 35-acre site located at Port Redwing, a port property in southern Hillsborough County near Gibsonton. For the next two years or so, Steelco will be building a brand new facility on the parcel, where the company will import, export and manufacture steel products.

The timing seems right, said Wade Elliot, vice president of marketing and business development at Port Tampa Bay. Port Tampa Bay is the state's largest port for handling steel products, Elliott said. The port has been the host of the Tampa Steel Conference, which draws hundreds of industry professionals, for the past 28 years.

He said "Steel is our core business. We've been at it forever. Steelco fits nicely into how we're trying to develop the south county Redwing area, which is an important element in our strategic master plan."

For the first six months of the fiscal year, steel tonnage has increased by 73 percent at the port. Shipments of scrap metal are also spiking at 107 percent.

Source : Tampa Bay Times

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voda 14 juli 2017 14:54

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Iron ore sales from Brazil to Middle East increase
in Freight News 14/07/2017

Ore exports from Brazil to Arab countries fetched USD 564.5 million in the first half of the year, up 133% from H1 2016, the Brazilian Ministry of Industry, Foreign Trade and Services reported. Iron ore and concentrates made up the entirety of Brazilian ore sales to the region in H1 2017.

The leading buyer was Oman, where Brazil’s mining company Vale owns an ore pelletizing plant and a seaport. Sales to Oman reached US 267.5 million, up 131% from H1 2016. Bahrain placed second at USD 129.5 million, up 227%.
Egypt, the third biggest importer, bought USD 87.5 million worth of ore, up 74.5% from H1 2016. Next came the UAE at USD 46.8 million, as against nil in H1 2016. Libya ranked fifth at USD 33 million, up 146%.

Overall
Generally speaking, Brazilian mineral industries exported USD 22.6 billion worth of product in H1. Mining product imports to Brazil came out to USD 11.1 billion, leading to a USD 11.5 billion trade surplus, according to the Brazilian Ministry of Mines and Energy. These figures include not only ores, but also mineral process industry numbers.

The actual mining industry grossed USD 12.3 billion in H1 2017, up 64% from H1 2016. Iron ore accounted for 82% of revenue.

Imports of minerals reached USD 3.9 billion, up 53% and driven by purchases of metallurgical coal, according to the Ministry of Mines and Energy.

Source: ANBA

voda 14 juli 2017 14:57

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Chinese iron ore and steelmaking prices July 14 2017
in Chinese iron ore and steelmaking prices 14/07/2017

Iron ore spot market prices begin to fluctuate influenced by weakening purchasing desire of steel mills. Most traders held their quotations stable this morning and some traders reduce their offers by RMB5-10/tonne. They show obvious desire to deliver cargos. Enquiries of steel mills were brisk before the noon, while real market transactions see small amount. Cargo shipments of steel products move as planned and provide no obvious support.

The shortage of partial products in ports is eased and many steel mills said that their enquiries are few. Upstream traders offered at a high level, while real transaction prices stand low. Steel mills still focus on high grade resources and purchase some middle grade resources.

A trader said that overall market sees flat performance. Transaction prices and volumes hold stable. Market sees unfavorable performance after the price adjustment in the afternoon. Most steel mills begin to take a wait-and-see attitude for the coming market supported by stocks. They are cautious towards iron ore purchases.

www.hellenicshippingnews.com/chinese-...

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voda 14 juli 2017 14:59

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210 ships sold for scrap during Q2 2017
Published on Fri, 14 Jul 2017

There were a total of 210 ships broken in the Q2 of 2017. 158 of these ships ended up on South Asian beaches for dirty and dangerous breaking. The Platform was able to document five accidents at the shipbreaking yards in Chittagong, Bangladesh, between April and June, which led to the death of four workers and the injury of two.

Source : Strategic Research Institute

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voda 14 juli 2017 15:03

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One Billion Tons of Iron Ore Headed for China as Miners Jump
in Dry Bulk Market,Freight News 14/07/2017

Iron ore imports by China this year are on course to exceed 1 billion metric tons by a comfortable margin, breaking 2016’s record, after first-half figures showed another jump in cargoes and highlighted the ability of the top steelmaker to absorb rising supplies. Miners’ shares advanced.

Shipments in June were 94.7 million tons, up from 91.5 million in May, according to customs data on Thursday. In the first six months, imports rose to 539 million tons, 9.3 percent higher than the same period in 2016. Last year, China only just beat the 1 billion ton mark, importing 1.024 billion tons.

Asia’s top economy has been pulling in ever-greater volumes of low-cost ore to meet resilient demand from mills, who’ve benefited from rising steel prices in the second quarter. The increase is aiding the largest miners including BHP Billiton Ltd. and Rio Tinto Group, as well as Brazil’s Vale SA, which is bringing on production from its giant S11D project. While iron prices are lower this year, they’ve rebounded since mid-June, gaining for four of the past five weeks.

‘On the Rise’

“Steel output continues to be on the rise, which will boost consumption of iron ore,” said Zhao Chaoyue, an analyst at China Merchants Futures Co., who forecasts that full-year imports of the raw material will reach 1.08 billion tons. “Mills are making chunky profits, so they’re firing up production.”

Spot ore with 62 percent content delivered to Qingdao rose 2.9 percent to $65.91 a dry ton on Thursday, the highest since May 3, after gaining for the fourth time in the past five sessions, according to Metal Bulletin Ltd. Still, prices remain 16 percent lower this year as analysts flagged prospects for rising global production, and a seasonal drop in demand toward year-end.

China’s imports supplement local production, although domestic output is generally of lower quality than supplies from Australia and Brazil. Nationwide exports from Australia may rise to 885 million tons in 2018 and 897 million in 2019, from 851 million this year, according to a government forecast.

Record Stockpiles

While China is drawing in larger volumes, there’s concern that the increases in low-cost production in Brazil and Australia may eventually overwhelm demand, pushing prices lower. Stockpiles of ore held at mainland ports have expanded to unprecedented levels this year.

Goldman Sachs Group Inc. has forecast that prices will average $47 a ton next year as supply rises, and Citigroup Inc. has also predicted a drop. Capital Economics Ltd., which came out first among forecasters in the second quarter, puts the price at $50 at the end of this year.

Miners’ shares gained on Thursday, with one chartist highlighting favorable patterns . In London, BHP climbed for the eighth time in nine days, rallying as much as 1.5 percent in intraday trade to 1,309.5 pence, the highest level since April. Stock in Rio and Anglo American Plc also advanced.

Source: Bloomberg

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voda 17 juli 2017 19:30

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China's steel industry may lose its edge - Analyst

The National reported that these are great times for China’s gargantuan steel industry as product prices soar to multi-year highs, mills’ profits swell and speculators stake out record positions in futures markets in the country that makes half of global supply. They could be over soon. Mr Xu Ke an analyst at Huatai Futures said that “While demand in Asia’s top economy has remained strong, as the property market cools and investment growth slows, steel prices will start to fall. We’ve seen many times in the past that when prices fall, they can fall very quickly.”

Mr Xu said that “There are fundamental factors underpinning the price surge, citing the tighter supply after the government efforts to cut steel capacity.”

He added that “I’m generally more bearish about the second half than most.”

China’s old-economy steel industry is booming even as the central government seeks to rein in its more unruly elements and combat overcapacity. State ordered closures of induction-furnaces have spawned a shortage of reinforcement bar, a basic product used in construction. That’s hoisted prices and attracted speculative interest. Still, with slower growth seen this half, and other mills expected to boost output, the rally may be set to falter.

Source : The National

voda 17 juli 2017 19:31

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Gujarat HC's Essar Steel verdict likely today

Business Standard reported that the Justice SG Shah of Gujarat high court is expected to pass an order on Essar Steel’s petition, filed on July 4, against insolvency proceedings initiated against it at the National Company Law Tribunal by the State Bank of India led 22 banks’ consortium as well as the Standard Chartered Bank, on Monday.

The report added that Reserve Bank of India on Friday told the Gujarat High Court that there was no supporting document to its June 13 press release, directing banks to initiate insolvency proceedings against 12 non-performing assets, including Essar Steel. The submission was made during the hearing of Essar Steel’s petition, filed on July 4, against insolvency proceedings initiated against it at the National Company Law Tribunal (NCLT) by the State Bank of India (SBI)-led 22 banks’ consortium as well as the Standard Chartered Bank (SCB).

On Thursday, it had asked the RBI to present any documents other than the press release that supported its June 13 circular. The RBI counsel on Friday told the court that the press release was issued after a high-level committee meeting of the RBI decided to issue the directive.

Source : Business Standard

voda 17 juli 2017 19:33

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JSPL taking lead in composite steel structure based buildings in India

Jindal Steel & Power Limited is reported to be leveraging the advance design techniques for the construction of buildings for utilizing high strength beam resulting in several advantages to builders, marking a structural shift in modern construction from RCC to composite steel structure buildings in India, bridging the gap with practices followed in developed country where majority of high rise construction is structural steel based.

Source : Strategic Research Institute

voda 17 juli 2017 19:34

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Indian domestic steel prices to be driven by import parity

Financial Express reported that Indian steel stocks have remained buoyant due to recent spurt in regional prices and with our investor interactions post our note ‘India Steels: Curb Your Enthusiasm’ suggesting that most investors are hopeful of domestic steel prices firming up supported by ADD and hopes of better domestic demand supply. We stay cautious as we think this may be too optimistic, leading to earnings disappointment. This should also negate investors’ hope of a valuation re rating.

Iron ore prices are up 14% and Chinese steel prices up 4% in the last two weeks led by restocking post inventory draw down, better Chinese PMI data and news flow around induction furnace closures. Most investors concur with our view that iron ore prices should weaken as restocking ends and due to higher supply. This should drag regional steel prices lower again.

We believe supply reforms should support better spreads, but regional steel price levels rather than spreads are more important for Indian steel cos. Chinese steel spreads are already near peak levels and could possibly correct. Also, closure of IF capacities have mainly affected longs rather than flat products and longs account for ~85% of fall in Chinese exports.

Many investors view the fall in domestic steel prices as seasonal weakness and expect prices to improve post monsoon. Note, domestic steel prices softened even in April/May (before monsoon). We believe domestic steel prices would be driven by import parity and unless regional prices rally, domestic steel prices should sustain at lower levels as prices (ex mill) are 5 to 7% premium to Anti dumping duty based import parity.

Investors appear to be focusing on Chinese import parity, but import parity based on FTA countries is more relevant as a large proportion of flat product imports (45% of imports) are from FTA countries. Recent rise in regional prices and de-stocking ahead of GST have led a few mills to announce price hikes, but we doubt this would sustain.

Source : Financial Express

voda 17 juli 2017 19:36

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Tata Steel's Kalinganagar unit to focus on import substitute auto alloys

Business Standard reported that Tata Steel's Kalinganagar would focus on high-strength automotive alloys that can act as import substitutes. Such alloys used by the automobile industry are predominantly imported and the Kalinganagar plant would help cut dependence on imports.

A company source said that "The range of automotive alloys produced by our Jamshedpur plant is limited. This is because the hot stripping mill there is old and has its limitations. At Kalinganagar, we can roll out high strength alloys with dimensions of up to 1100 Megapascal.”

Tata Steel is keen to position its Kalinganagar plant as one of the biggest suppliers of high strength alloys to the automobile industry, especially alloys for car wheels. The steel maker has commissioned the first phase capacity of three million tonnes per annum at Kalinganagar and this is entirely devoted to manufacturing flat steel products that find applications in automobiles and white goods.

The steel company's Jamshedpur unit is already one of the leading suppliers to car makers like Maruti Suzuki and Toyota. Of the total nameplate capacity of 10 million tonnes per annum at Jamshedpur, 7 million tonnes per annum is for flat steel products and the rest 3 million tonnes per annum for long products.

Going ahead, the Kalinganagar plant would diversify to customised steel products for oil pipelines business. The plant in the future would cater exclusively to the needs of the domestic market. Presently, the steel plant there is exporting some products as it has some obligations under the Export Promotion Credit Guarantee scheme.

The official said that "We are exporting products like Tata Ferroshots to South East Asian nations. This product has been received very well. But, we would be gradually shifting our focus to the domestic markets once our export obligations are over.”

In the last financial year, Tata Steel's Kalinganagar plant exported one million tonnes of steel products. Besides Tata Ferroshots, hot rolled coils were also shipped.

Source : Business Standard

voda 17 juli 2017 19:43

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SBI MD calls for faster resolution of NPAs

Business Standard reported that unhappy with the pace of the resolution of Non-Performing Assets, especially with the Essar Steel case in the court, a top SBI official said the process should be faster as delays lead to further losses. Mr Rajnish Kumar State Bank of India Managing Director told BTVi in an interview that "Resolution should be faster than this. The more you delay, more is the loss of economic value, which is in nobody's interest. Let's find out to what level the debt can be sustained or not sustained and if the company needs to go into liquidation, we need to do that.”

Mr Rajnish Kumar hoped that the Gujarat High Court will decide quickly on the Essar Steel case. He added that "Delaying the process is in nobody's interest. We will only pray that the court decides on the matter quickly and settles the law."

The SBI officer said that "Since the case is in the court and if the company has sought legal remedy, the court will decide and give judgement quickly. This is a new law; interpretations around the law, and the ecosystem everything is in development stage.”

Source : Business Standard

voda 17 juli 2017 19:43

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Mr Sanjeev Gupta visiting Whyalla steelworks of Arrium

ABC reported that British businessman Sanjeev Gupta, who heads the company which has bought the Whyalla steelworks, will tour the Arrium steelworks today and meet workers after Liberty House, which is part of London-based GFG Alliance

He told ABC "I don't know about saviour [of Whyalla] but we see a clear opportunity here and we are very excited to have an opportunity to have a go at it.”

He added "I've always been fascinated by the fact that Australia has all the natural resources to make steel but yet makes very little and exports and instead chooses to export iron ore and coal. So when the opportunity came to address that we were quite excited, we analysed it we saw a clear case."

Source : ABC

voda 17 juli 2017 19:44

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NMDC move to sell Bastar steel plant facing protests

Economic Times reported that state owned miner NMDC move to sell off its upcoming three million tonne steel plant at Nagarnar in Bastar district of Chhattisgarh has generated a groundswell of protests in the region. On Thursday, a large group of people comprising sarpanchs and project affected people from eight nearby villages -Nagarnar, Kasturi, Amagoda: Marpal, Maganpur, Upanpal, Karanpur and Chokawada -gheraoed NMDC's executive director at Nagarnar for five hours as a mark of protest against the company's proposed move.

They submitted a memorandum seeking details about the company's strategy on the reported move towards privatisation of the plant and urged the management to stall the sale.

Mr Swapan Mukherjee, joint secretary of Steel Sramik Union (SSU) at Nagarnar said that "Most of the people who joined Thursday's demonstration were villagers who had given up their land for the steel project on the assurance that it was being promoted by a government company.” He said that "With the proposed talks about privatising the unit, they feel they have lost out.”

The gherao was lifted only after the ED promised them he would get back with details from the company's headquarters in Hyderabad. A government notification had recently gave NMDC a 270 day timeframe to complete the privatization of Nagarnar Steel Plant.

NMDC recently said the process for the sale has started and it expects to get around INR 14,000 crore, with the process likely to be completed by FY18 or beginning of FY19.

Source : Economic Times

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